An Assessment of the Relative Position of Indian Rupee vis-a-vis Selected Asian Currencies

Manjinder Kaur and Navpreet Kulaar

Journal of Global Economy, 2024, vol. 20, issue 2, 97-121

Abstract: The article aimed to examine the relative position of Indian rupee vis-a-vis those of some other selected Asian economies (viz., China, Pakistan, Nepal, Sri Lanka, Indonesia, Malaysia, Philippines, Myanmar, Japan and Singapore) throughout the period from January 2001 to March 2021. These currencies have been estimated using nineteen functional forms and the selection of best-fit functional form was based on minimum value of Akaike’s Information Criterion (AIC). The coefficients have been derived on the basis of the selected functional form and subsequently relative growth rates have been calculated at different time intervals. The study brings out that the currency of Singapore has been the most-stable one, followed by that of Japan and then of China. On other extreme, currency of Myanmar has been the most-fragile one, followed by that of Pakistan and then of Sri Lanka. So far as India is concerned, position of its currency has just been mid-way, with a pooled rank of 5 in the group of 11 currencies which indicates moderate position of Indian rupee among the currencies that are most fragile one and most stable one.

Keywords: Equation of Best-Fit; Indian Rupee; Relative Position; Kendall’s Concordance Analysis; Relative Growth Rates (search for similar items in EconPapers)
JEL-codes: F31 (search for similar items in EconPapers)
Date: 2024
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